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Feb 24, 2010
02/10
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see how bernanke characterizes that. if that weren't enough drama this is bernanke's first testimony since winning confirmation by the senate in january. and there is still plenty of anger on the hill about the bailouts and debate about the fed's role in the new regulatory world which is still under discussion in washington. the mix of tightening talk, easy money walk, economic outlook, populist anger should make for a compelling couple hours not to mention, mark, the s&p auction rick mentioned, bond auction later in the day, toyota, and now bernanke. an interesting day, mark. >> thank you very much, steve liesman. >>> toll brothers reporting narrower than expected quarterly loss. shares higher in premarket. next, we will go inside those toll brothers numbers. >>> plus the bernanke testimony steve referred to. possibly new short selling rules for the market. new home sales. the president meeting with top business leaders. it's all on "squawk on the street" plus of course the toyota testimony. >> which brings us to our st
see how bernanke characterizes that. if that weren't enough drama this is bernanke's first testimony since winning confirmation by the senate in january. and there is still plenty of anger on the hill about the bailouts and debate about the fed's role in the new regulatory world which is still under discussion in washington. the mix of tightening talk, easy money walk, economic outlook, populist anger should make for a compelling couple hours not to mention, mark, the s&p auction rick...
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Feb 25, 2010
02/10
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CNBC
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bernanke will avoid mngzing the timing of a rate hike. he told a house panel on wednesday that rates will continue to remain low for an extended period. this is coming at the same time that president obama will square off with lawmakers today in a last ditch effort to salvage his health care reform plan. republicans and democrats will meet at the blair house for a nationally televised health care summit beginning at 10:00 a.m. leaders will discuss four major themes, controlling costs, insurance reforms, cutting the deficit and sxabding health care coverage. treasury secretary timothy geithner meeting with financial industry groups today at 11:00 a.m. new york time and this comes as it's said the obama administration is close to saving a reform bill. reports say geithner met with bankers on wednesday night to discuss the matter. >> toyota closed down 0.2% after staying in positive territory. overnight, the company's president apologized to u.s. congress and millions of toyota drivers over its recent safety issues. and speaking to employees
bernanke will avoid mngzing the timing of a rate hike. he told a house panel on wednesday that rates will continue to remain low for an extended period. this is coming at the same time that president obama will square off with lawmakers today in a last ditch effort to salvage his health care reform plan. republicans and democrats will meet at the blair house for a nationally televised health care summit beginning at 10:00 a.m. leaders will discuss four major themes, controlling costs, insurance...
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Feb 26, 2010
02/10
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thank you, chairman bernanke, for being here. i do share one concern that senator vitter mentioned about the deficit. gosh, i wish we would have supported senator gregg's proposal when we had a chance, i think it was still the best, perhaps last-best proposal to actually force this congress to take an up or down vote on a plan that would put us back into fiscal sanity. i'm going to come back on the question of financial regulation. .. >> one of the comments you made and we are now 18 months after the crisis and you've said you have looked at the fed within supervision of the bank holding companies stronger capital, stronger risk supervision. you know, we've had a lot of discussion over the last 18 months about size. we've talked a bit earlier, senator raise questions about the volcker rule. i share some of your concerns about how you draw those lines. chairman dodd raise the question about using some of the intimate out there in terms of derivatives. can you tell us a little bit in his last 18 months with this increased focus on
thank you, chairman bernanke, for being here. i do share one concern that senator vitter mentioned about the deficit. gosh, i wish we would have supported senator gregg's proposal when we had a chance, i think it was still the best, perhaps last-best proposal to actually force this congress to take an up or down vote on a plan that would put us back into fiscal sanity. i'm going to come back on the question of financial regulation. .. >> one of the comments you made and we are now 18...
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Feb 7, 2010
02/10
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idea that once they come that they are going to come back into a government position and i know ben bernanke and hank paulson are well-known for this. could you talk a little bit about that in any ideas on how that could be stopped through laws or voter action or anything? >> i'm glad you reminded me about the revolving door. i see this happening. i see my friends do this. they dress like me when they are working on capitol hill and i see them two years later and they have really nice suits with a french cuff and offer to buy lunch. the left the capitol to up working for congress and a lobbying firm hired them because they knew that when the friend then calls his old underling on capitol hill to say hey i just want to talk to you about the farm bill, that his old boss or his old bosses colleagues are going to take the call and that is the revolving door. barack obama's said literally, i'm going to stop the revolving door. is white house chief of staff, rahm emanuel-- there is not, as the word for rahm emanuel because welby was working on the campaign is a chief fund-raiser he was getting pai
idea that once they come that they are going to come back into a government position and i know ben bernanke and hank paulson are well-known for this. could you talk a little bit about that in any ideas on how that could be stopped through laws or voter action or anything? >> i'm glad you reminded me about the revolving door. i see this happening. i see my friends do this. they dress like me when they are working on capitol hill and i see them two years later and they have really nice...
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Feb 10, 2010
02/10
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WMPT
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chairman ben bernanke outlined the effort in written testimony for a congressional committee. bernanke said the economy still needs an easy money policy for now, but he added: "at some point the federal reserve will need to tighten financial conditions." the talk of higher rates kept wall street at bay. the dow jones industrial average lost 20 points to close at 10,038. the nasdaq fell three points to close below 2,148. thousands of workers in greece staged a national strike today, protesting a government plan to freeze salaries and cut bonuses. the 24-hour strike closed schools, and brought air travel to a halt. we have a report from john sparks of independent television news. >> reporter: it's easy to say, the 24-hour strike closed greece filed a test case for other indebted states. its huge socialist government plans been cuts. for many here on the streets of athens today it is not acceptable. "the capitalist government has declared war on the working classes. we will respond with war-like measures," said this mp. the government wants to raise the retirement age by two year
chairman ben bernanke outlined the effort in written testimony for a congressional committee. bernanke said the economy still needs an easy money policy for now, but he added: "at some point the federal reserve will need to tighten financial conditions." the talk of higher rates kept wall street at bay. the dow jones industrial average lost 20 points to close at 10,038. the nasdaq fell three points to close below 2,148. thousands of workers in greece staged a national strike today,...
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Feb 4, 2010
02/10
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i think this is an object less sunday for ben bernanke and the federal reserve, that there is a very substantial penalty for early withdrawal. we're seeing china and india tighten, now europe withdrawing its liquidity facilities. the u.s. would do well to mind this lesson. if we start to syphon off some of the liquidity, there really could be hell to pay. what we're seeing, when you mention gold, the deflation trade is being put back on. the dollar is going up, gold is going down, oil is collapsing, commodities across the board have been very weak. equity markets are falling all at the same time while domestic rates drop. for anybody worried about inflation in united states, the dollar is going up, u.s. rates are going down and the u.s. on a relative basis is still the safest market in the world no matter what anybody sayless. but there is a danger if the fed doesn't heed the lessons of what's going on elsewhere in the worldtion we, too, could face some of the problems like europe, although our banks are in better shape than yours. >> which is why, rick santelli, the china trade, you
i think this is an object less sunday for ben bernanke and the federal reserve, that there is a very substantial penalty for early withdrawal. we're seeing china and india tighten, now europe withdrawing its liquidity facilities. the u.s. would do well to mind this lesson. if we start to syphon off some of the liquidity, there really could be hell to pay. what we're seeing, when you mention gold, the deflation trade is being put back on. the dollar is going up, gold is going down, oil is...
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Feb 26, 2010
02/10
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bernanke, again. as our financial markets begin to show signs of improvement, many of the fed's temporary many facilities have been allowed to expire and monetary policy has begun to normalize. and while use of the temporary lending facilities wayne expanded purchases by the fed a federal agency debt mortgage-backed securities and the longer-term treasuries of security staff kept the size other than to balance sheet unusually large. as of last week, it's my understanding that the banks had over 1.2 trillion in reserve balances and federal reserve banks. that is more than 100 times the average level of such balances in 2006. this morning i am interested in hearing, mr. chairman, plans for reducing the size of the fed's balance sheet, with run a story liquidity support from the banking system, and continuing the normalization of monetary policy. in addition, i believe, mr. chairman, you should tell us how the fed plans to use interest on reserves as a monetary policy and how you intend to use repurchase
bernanke, again. as our financial markets begin to show signs of improvement, many of the fed's temporary many facilities have been allowed to expire and monetary policy has begun to normalize. and while use of the temporary lending facilities wayne expanded purchases by the fed a federal agency debt mortgage-backed securities and the longer-term treasuries of security staff kept the size other than to balance sheet unusually large. as of last week, it's my understanding that the banks had over...
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Feb 18, 2010
02/10
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, i don't know why we reappointed bernanke. in terms of the entitlement programs, yeah we have a public pension program, which is hugely popular. you look at polling day that-- i was at a conference this morning in social security is over 90%. they ask people would you be willing to pay higher taxes to sustain sosa security benefits and 70 to 80% said yes. i don't see any problem with running a pension program through the public sector. what is the problem with the? it is usually popular. health care costs, medicare again. we are providing medicare health care benefits for seniors. that is also hugely popular. you have these tea party people out there yelling don't let the government touch medicare. they are anti-government but they want medicare. medicare is a government program. these are success stories. our health care costs are out of line in such as security has not been rising in its share of the budget and it will in the near future is baby boomers are retiring and getting benefits. in fact it actually fell a few years
, i don't know why we reappointed bernanke. in terms of the entitlement programs, yeah we have a public pension program, which is hugely popular. you look at polling day that-- i was at a conference this morning in social security is over 90%. they ask people would you be willing to pay higher taxes to sustain sosa security benefits and 70 to 80% said yes. i don't see any problem with running a pension program through the public sector. what is the problem with the? it is usually popular....
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Feb 11, 2010
02/10
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bernanke, and new york feds decided to give additional funds to aig. some of which we used to pay the counterparties to the contracts; right? >> yes, in november, in the t.a.r.p., we made a $40 billion capital investments, and then the fed put some additional money into which was used up for the contracts. >> just so we are clear, when we were giving credit here, the t.a.r.p., the $700 billion in t.a.r.p. was during your term as secretary of the treasury. >> implode of that, sir. >> that was your ideaing the t.a.r.p.? >> it was a number of ideas. it was something i'm proud of and it was necessary. >> and the $85 billion that was loined -- loaned to aig was not done through congress? >> no, that was a decision taken by the fed. >> what source did they use? >> they used their funds. >> and their funds, they emanate from where? >> from the u.s. government. >> where they fees from other banks, they come from your treasury, where? >> they come from fed obviously can print money. >> did they take money that they had from fees charged to number bank or print
bernanke, and new york feds decided to give additional funds to aig. some of which we used to pay the counterparties to the contracts; right? >> yes, in november, in the t.a.r.p., we made a $40 billion capital investments, and then the fed put some additional money into which was used up for the contracts. >> just so we are clear, when we were giving credit here, the t.a.r.p., the $700 billion in t.a.r.p. was during your term as secretary of the treasury. >> implode of that,...
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Feb 24, 2010
02/10
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CNN
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also on the hill, fed chief ben bernanke saying that the congress action has helped to jump start the economic recovery, but he worries about the unemployment rate which is near 10%. >>> in vancouver, an emotional moment on ice. joannie rochette took third place in the short program after in the sudden death of her 55-year-old mother on sunday. she will battle for gold in the free skate final tomorrow. >>> i want to tell you what is going on with weather. we have a blizzard moving in the next 48 hours. we have pictures across the country and you have -- can we pull these up, michael? put them on the screen? okay. the one on the left is washington, d.c., and that is the white house and central park, the view from time warner center where cnn is. the only snowflakes you can see are in the animation behind it. it is looking good and calm, bhau but it is going to change. let's look at texas. if you are in west texas, wow, five inches of snow. i have to say that the texans are getting used to this and they have reason to buy a lot of snow shovels this year and they have use of them. that b
also on the hill, fed chief ben bernanke saying that the congress action has helped to jump start the economic recovery, but he worries about the unemployment rate which is near 10%. >>> in vancouver, an emotional moment on ice. joannie rochette took third place in the short program after in the sudden death of her 55-year-old mother on sunday. she will battle for gold in the free skate final tomorrow. >>> i want to tell you what is going on with weather. we have a blizzard...
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Feb 18, 2010
02/10
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with this bubble that of course is going to burst and that is what i get so mad at people like ben bernanke. most economists, god knows what on earth was going through their heads as they watch the bubble keep grow and grow and grow and said everything was okay. now they are surprised fukuda agnone? that is a joke we have around washington. anyone who is doing their job should have known. >> host: amity shlaes anything there you want to address? >> guest: i think it is important to think about the interplay between the war in domestic policy because it is true the government can think about two things at once. it cannot walk and chew gum at the same time and when you have a distraction, whether you believe it is something we should invest then, afghanistan, iraq, the government does not think well about what is going on at home so if you called on our various leaders that the fed or at the white house over time under, in this period under president bush,'s september 11 you would say are you concerned about fannie mae? they would say absolutely, here's the data and they are going out of cont
with this bubble that of course is going to burst and that is what i get so mad at people like ben bernanke. most economists, god knows what on earth was going through their heads as they watch the bubble keep grow and grow and grow and said everything was okay. now they are surprised fukuda agnone? that is a joke we have around washington. anyone who is doing their job should have known. >> host: amity shlaes anything there you want to address? >> guest: i think it is important to...
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Feb 18, 2010
02/10
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CSPAN2
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sino ben bernanke and st. paul said are well known for this could you talk about that and any ideas on how that could be stopped through laws or voter action and? >> i am glad the reminded me. i see this happening. my friends do this to dress kind of like me when they work on capitol hill but two years later have a nice suits with french cuffs and offer to buy me lunch because they left their capitol hill job working for a congressman and a lobbying firm hired them because they know when somebody says the want to talk to you, the old boss colleague will take the call. that is the revolving door. barack obama reit literally said i will stop the revolving door. his white house chief of staff is from emmanuel it is almost up the right word because all he was werke ag bill clinton 1982 campaign he was getting paid by goldman sachs as a consultant at the same time for nondescript work. he may have been getting paid to work for bill clinton for all been no. then he leaves a couple years before clinton to work in a p
sino ben bernanke and st. paul said are well known for this could you talk about that and any ideas on how that could be stopped through laws or voter action and? >> i am glad the reminded me. i see this happening. my friends do this to dress kind of like me when they work on capitol hill but two years later have a nice suits with french cuffs and offer to buy me lunch because they left their capitol hill job working for a congressman and a lobbying firm hired them because they know when...
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Feb 11, 2010
02/10
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bernanke said we cannot allow ourselves to be in a situation where the debt continues to rise which leads to an unsustainable situation. the former treasury secretary said it is clearly unsustainable the former head of the gao, general walker said we are on imprudent and unsustainable long-term fiscal path. the former chairman of the federal reserve, mr. greenspan said the federal budget is on an unsustainable path. do you noticed the similarity, unsustainable, unsustainable, unsustainable? i know there is a sense of denial among our colleagues about the seriousness of this threat. i see it every day. i have just come from açó meetig in which i see it. this is tough. but it has to be dealt with. if we let this get away from us, we will rue the day. we will rue-the-day. we will regret for ever the consequences to the country. we have to face up to this. whether it is through the commission that the president proposed or some other method, we have got to deal with the consequences of a failure to act. we have to act, the sooner the better. the economic security of our nation depends on an
bernanke said we cannot allow ourselves to be in a situation where the debt continues to rise which leads to an unsustainable situation. the former treasury secretary said it is clearly unsustainable the former head of the gao, general walker said we are on imprudent and unsustainable long-term fiscal path. the former chairman of the federal reserve, mr. greenspan said the federal budget is on an unsustainable path. do you noticed the similarity, unsustainable, unsustainable, unsustainable? i...
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Feb 24, 2010
02/10
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CNN
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lots of questions for bernanke as he discusses the economy in front of congress. larry summers said it's a statistical recovery but a human recession. that pretty much writes off 2010. >> we talk a lot too about residential home foreclosure but we haven't talked much about commercial property foreclosure. >> tick, tick, tick. a lot of people say that's a time bomb. we know the volume of banks preparing for what the commercial real estate problems will likely see later this year and next year. >> let's hope the new normal doesn't last too long. >>> coming up, forced to resign under a cloud of controversy, president obama's former green jobs czar now being honored by the naacp. suzanne malveaux talks about the new controversy that this is bound to create. geico says 15 minutes could save you money. but it takes less than 15 seconds to tell you this. drivers who switched from geico to allstate... saved an average of $473 a year. time to switch to allstate. ♪ and you have a heart attack. that's what happened to me. they said the quick thinking of chewing an aspirin
lots of questions for bernanke as he discusses the economy in front of congress. larry summers said it's a statistical recovery but a human recession. that pretty much writes off 2010. >> we talk a lot too about residential home foreclosure but we haven't talked much about commercial property foreclosure. >> tick, tick, tick. a lot of people say that's a time bomb. we know the volume of banks preparing for what the commercial real estate problems will likely see later this year and...
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Feb 5, 2010
02/10
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according to chairman bernanke of the federal reserve, ben own proprietary trading for commercial banks may not be constructive. dr. summers, chief economic advisor in the current administration in the past has been a vocal proponent removing glass-steagall restraints. is there something in this obama administration and among the regulators concerning the volcker rule and restricting size and if so, what process -- what was expressed there? >> thank you, senator shelby. that's obviously a very important question. the proposals that the president articulated with respect to size and scope two weeks ago were ones that were based on a consensus recommendation of all of his economic team. so -- and i think you've heard secretary geithner and director summers speak to that quite directly. i think with respect to the regulators they are, of course, independent and i feel slightly less comfortable expressing their views. but i do think that in the main they are also supportive of this and we will work with them and obviously with this committee to try to move these ideas forward as an importan
according to chairman bernanke of the federal reserve, ben own proprietary trading for commercial banks may not be constructive. dr. summers, chief economic advisor in the current administration in the past has been a vocal proponent removing glass-steagall restraints. is there something in this obama administration and among the regulators concerning the volcker rule and restricting size and if so, what process -- what was expressed there? >> thank you, senator shelby. that's obviously a...
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Feb 4, 2010
02/10
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bernanke does testify regularly on capitol hill explaining what he is doing, and why he is affecting monetary policy the way he is. some, like milton friedman, have suggested that we could replace federal reserve with a computer that could determine these interest-rate formulas. perhaps that would be better. federal reserve policy can be subject to certain criticism. i do not hoknow how we would do this. there is disagreement on the way they have handled the recession, and that is fair. host: another tweet -- guest: $3 trillion of the deficit? over the next 10 years, if we expended all the tax cuts, for everyone, that would be about $3 trillion. the deficit is much bigger than that. the base line is $11 trillion. if you got rid of all the tax cuts, we would still have and $8 trillion deficit over the next 10 years. president obama is not talking about doing that. only for those making more than $250,000 a year. that is only 1/5 of the tax cuts. if you want to get rid of "tax cuts for the rich" it is over $16 billion from a deficit of $11 trillion. for those who believe that is good p
bernanke does testify regularly on capitol hill explaining what he is doing, and why he is affecting monetary policy the way he is. some, like milton friedman, have suggested that we could replace federal reserve with a computer that could determine these interest-rate formulas. perhaps that would be better. federal reserve policy can be subject to certain criticism. i do not hoknow how we would do this. there is disagreement on the way they have handled the recession, and that is fair. host:...
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Feb 25, 2010
02/10
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federal reserve chairman ben bernanke told the senate banking committee today and his second day of testimony on capitol hill this week that interest rates will have to stay low for a lengthy period to counter a weak job market. the u.s. central bank chief prepared remarks were virtually identical to those delivered yesterday to the house financial services committee. and cheaper nike also told lawmakers that goldman sachs and other wall street firms may be looking into a sophisticated instrument investment instrument to make bets that greece will default on its debts. also about the healthcare summit which you can see live on c-span3 and c-span.org, a story from yahoo news saying that a consensus on how to rein in spiraling healthcare costs seem to be emerging as president obama some that the president agreed with assertions by oklahoma republican senator tom coburn that abuse them out account up to a third of the cost of a time of programs like medicare and medicaid. and is a major barrier to worldwide insurance coverage. senator coburn said that the cost is the chief reason millions of peo
federal reserve chairman ben bernanke told the senate banking committee today and his second day of testimony on capitol hill this week that interest rates will have to stay low for a lengthy period to counter a weak job market. the u.s. central bank chief prepared remarks were virtually identical to those delivered yesterday to the house financial services committee. and cheaper nike also told lawmakers that goldman sachs and other wall street firms may be looking into a sophisticated...